Insider Selling: Ibotta (NYSE:IBTA) CRO Sells $735,540.00 in Stock

Ibotta, Inc. (NYSE:IBTA) CRO Christopher Riedy sold 12,259 shares of the company’s stock in a transaction that occurred on Thursday, November 5th. The stock was sold at an average price of $60.00, for a total value of $735,540.00. Following the completion of the transaction, the executive owned 351,128 shares of the company’s stock, valued at $21,067,680. The trade was a 3.37% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website.

Ibotta Price Performance

Shares of IBTA opened at $59.69 on Thursday. The firm has a market cap of $1.22 billion, a P/E ratio of -89.09 and a beta of -0.46. Ibotta, Inc. has a 1 year low of $19.10 and a 1 year high of $66.39. The company has a 50 day simple moving average of $45.61 and a two-hundred day simple moving average of $34.13.

Ibotta (NYSE:IBTA) last released its earnings results on Monday, November 2nd. The company reported $0.62 EPS for the quarter, topping the consensus estimate of $0.13 by $0.49. Ibotta had a negative net margin of 4.49% and a negative return on equity of 5.51%. The firm had revenue of $97.83 million for the quarter. During the same period last year, the firm posted $0.56 EPS. Ibotta’s quarterly revenue was up 17.4% compared to the same quarter last year. On average, sell-side analysts anticipate that Ibotta, Inc. will post 0.25 earnings per share for the current year.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the company. Hsbc Holdings PLC boosted its stake in Ibotta by 1.5% in the first quarter. Hsbc Holdings PLC now owns 1,009,287 shares of the company’s stock valued at $30,581,000 after acquiring an additional 15,310 shares in the last quarter. Renaissance Technologies LLC lifted its holdings in shares of Ibotta by 17.7% during the 1st quarter. Renaissance Technologies LLC now owns 239,300 shares of the company’s stock valued at $7,172,000 after purchasing an additional 35,992 shares during the last quarter. Bank of America Corp DE lifted its holdings in shares of Ibotta by 17.8% during the 1st quarter. Bank of America Corp DE now owns 239,167 shares of the company’s stock valued at $7,168,000 after purchasing an additional 36,223 shares during the last quarter. Sei Investments Co. acquired a new stake in Ibotta during the first quarter valued at $344,000. Finally, Engineers Gate Manager LP acquired a new position in shares of Ibotta in the second quarter worth about $328,000.

Wall Street Analysts Forecast Growth

Several analysts have commented on the stock. UBS Group boosted their price target on shares of Ibotta from $30.00 to $38.00 and gave the stock a “neutral” rating in a research note on Wednesday, August 5th. Wells Fargo & Company raised their price objective on Ibotta from $40.00 to $49.00 and gave the company an “equal weight” rating in a research report on Tuesday, November 3rd. Evercore set a $58.00 price objective on Ibotta in a research report on Tuesday, November 3rd. The Goldman Sachs Group raised Ibotta from a “sell” rating to a “neutral” rating and lifted their target price for the stock from $35.00 to $58.00 in a report on Tuesday, November 3rd. Finally, Needham & Company LLC boosted their target price on Ibotta from $45.00 to $65.00 and gave the stock a “buy” rating in a research report on Tuesday, November 3rd. One equities research analyst has rated the stock with a Buy rating, six have assigned a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Reduce” and a consensus price target of $50.00.

Ibotta Company Profile

Ibotta, Inc. operates a digital promotions platform that connects consumer packaged goods brands and retailers with shoppers. Its technology helps brands distribute offers and measure consumer engagement and sales activity. Consumers can access cash-back offers through the Ibotta app and website, as well as through participating retailers and third-party publishers. Depending on the offer, shoppers redeem rewards by submitting a receipt or linking a retailer loyalty account. Founded in 2011 and headquartered in Denver, Colorado, Ibotta primarily serves the U.S. market.